Some All-American Giddy Up
Submitted by Atlas Indicators Investment Advisors on February 23rd, 2023
Music has a magic to it. Just the other day a young man was practicing the trumpet in a park near my home. Mind you, he was practicing and miles from Mr. Davis, but the blare of his brass mellowed the moment as the sun was setting. For me, it was as if everything was all right.
Most Americans are not feeling like everything is all right these days, just ask Gallup. The group known for surveys took another one, and the results weren’t sunny. They questioned 1,011 random adults living in all 50 states and Washington D.C. Click here to see more details. The government was listed as the number one problem; this is hardly surprising given the timing of the poll (Jan 2nd – Jan 22), a period marked with a four-day, 15 vote process for the House of Representatives to elect Kevin McCarthy as Speaker of the House and revelations of classified documents from 2009 – 2017 being found in the private office of President Joe Biden. Who elected these people? Oh yeah, we did.
Government issues weren’t the only things on the minds of Americans, though. Thirty-eight percent rate our economic circumstance as fair while 45 percent give it a poor rank. Just two percent describe it as excellent (probably the two percenters). For the first time ever, more Americans expect economic growth will decrease than increase. Four in ten believe unemployment will rise. With the unemployment rate at 53-year lows (3.4 percent) it is not an unfounded belief. A majority believe borrowing costs and inflation will increase. Lastly, a record number think stock markets will be lower in six months.
Perhaps America needs more music, a feel-good boost. Shania Twain (a Canadian recording artist) comes to mind. Have you heard her tune Giddy Up? J R (Atlas’ President Emeritus) sent it my way the other day. You can see the video here. It’s got an uplifting quality to it. Given the winter he’s had, it no wonder he’s listening to something which references going to Arizona to escape the cold.